The Cintrifuse Syndicate Fund announced its investment in Bullpen Capital. Based in Menlo Park, CA, Bullpen has built a successful reputation for discovering high-performing, early-stage companies. Their process involves identifying startups with strong operating metrics they believe will have an outsized Series A round within eighteen months. This is also the first fund based in Silicon Valley that Cintrifuse has invested in and will serve to create and strengthen new relationships between StartupCincy and Silicon Valley’s investor community.
“Paul Martino and the General Partners at Bullpen have an impressive track record for finding technology companies with high return potential that are flying under the radar,” said Sarah Anderson, Director of the Cintrifuse Syndicate Fund. “Their investment model is unique and I’m looking forward to working with them.”
Bullpen designed a systematic approach to early-stage investing called post-seed. Intended to set up larger follow-on investments, post-seed identifies a period in a company’s trajectory between their seed round and a large Series A. These companies will typically have achieved product-market fit, have support from existing super angel groups and have less than eighteen months to hit big milestones in order to raise a larger round.
Historically, Bullpen’s companies attracted large follow-on rounds from a broad range of traditional investors, including many of the highest-performing venture capital funds. In Fund I alone, their initial investments of $12 million attracted $900 million of follow-on funding. Some of Bullpen’s notable investments include ipsy, FanDuel and Namely.
“There are exciting things happening in Cincinnati. The startup community has done a great job pulling in corporate partners and building institutions like The Brandery and Cintrifuse,” said Paul Martino, General Partner at Bullpen. “StartupCincy has many companies that could fit our investment strategy and I’m thrilled to be a part of this ecosystem.”
This marks the first Silicon Valley based fund to receive investment from the Cintrifuse Syndicate Fund. As part of the investment, Sarah Anderson, the fund’s director, will join Bullpen’s “Fullpen” – a group of advisors that helps evaluate potential investments. Other notable advisors include Josh Elman, Partner at Greylock, and Dave Knox, Co-Founder of the Brandery.
Cintrifuse’s ability to attract funds like Bullpen to work with Cincinnati’s ecosystem demonstrates the effectiveness of the Syndicate Fund’s model and signals an increasing interest from “coastal investors” in the Greater Cincinnati region.